Chango is a Financial Wellness company. Our solution is combining personal finance with financial education. Think Mint and Duolingo in one.
Chango app screens
Yes, I fulfill all of the eligibility criteria.
Initiative's representative name
Initiative's representative date of birth
Sep 28, 1983
Initiative’s representative gender
Which eligible market are you based in?
Where are you making a difference?
Canada, Ontario, Toronto
Website or social media url(s)
When was your organisation founded?
Financial skills and capability
Pilot (have done first proof of concept)
Yearly Budget: How much capital do you need to accomplish your proposed project?
1. Founding story: Share a story about the "Aha!" moment that led the founder(s) to get started or the story of how you saw the potential for this to succeed
Throughout my childhood and adulthood, I have seen my father planning his finances diligently and successfully. He raised his two sons, got them educated in good schools and universities and made sure our needs were taken care of always. The distinction between needs and wants was ingrained in us from early on. We always had money when we needed it. I followed my father and by virtue of my work at the bank, I was very good at financial planning, so much so that I knew when to get marries and pay for it, raise kids, and for my MBA as well. Thanks to that, today I am debt free and content with my life.
This was the Aha moment for me to build something that is simple, jargon-free, unbiased and comprehensive. Everyone should have what I do.
2. The problem: What problem surrounding employability or financial capability are you helping to solve?
Financial stress is more prevalent than we think it is. In hindsight, financial stress is a product of wrong/poor financial practices and a lack of a strong basic/fund. Currently, 1 in 2 Canadian lose sleep over financial worries and spend 3 hours over it at work. 46% of Millennials lack financial plans and 65% of Newcomers suffer from financial stress even after 10 years of migration. The current solutions are neither intuitive nor educational.
3. Your Solution: How are you planning to solve this problem? Share your specific approach.
Our Chango app enables the user to link her/his bank accounts and the anonymous financial transactions processed by the machine learning to assign them to various relevant categories and into needs and wants. Registered users can see all their categorized transactions, create budgets, goals and track them in real-time. Additionally, the dashboard will show users their summaries and help them manage their inflow & outflows through our smart tips and premium features.
Moreover, every user will also have access to our gamified financial education section that provides bite-sized information on topics spanning banking, insurance, investments, budget, and goals. This will help them get an understanding of financial topics of their interest and make smart decisions about their finances. What's more, they can share this with friends and family and challenge them on their knowledge about financial wellness.
Our premium features include predicting cash-crunch situations, automatic funds transfer, automatic recalibration of financial goals and budgets, and overall financial health of a user based on his/her financial status and progress in financial education offered by us.
4. How are you innovating or using unique approaches to solving the problem?
Our solution solves the problem of financial ill-health by combining education and personal finance together in one app. Our users will have access to their financial status, upcoming payments, crunch situations, goal and budget creation and a host of financial services personalized to them. Through our holistic dashboard our users always know what is happening to their money. We are bias-free such that our users get personalized information to help decide what products or services to choose. Our financial education piece is in a bite-sized form, free from jargon, to help them understand all information to help make them smart financial decisions.
The financial education acts like a nudge to help users stay on track and achieve results.
6. Financial capability: how is your organization or project creating innovative solutions that arm people with ability to optimize their current and future financial health
Learning finance is tricky, people are scared because it needs long hours, patience, and it can be daunting. This leads to people not wanting to learn and just keep doing what they do. We believe the first step is to create a mindset shift in people and make them realize that results can be achieved the moment you begin learning and to wait until the end.
Which is why we have to change the way they're learning. Gone are the days of reading a blog or watching a video and pray for people to understand it. We're looking at a whole new way that involves interactive lessons, quizzes, with content that has been simplified so everybody can understand it.
What ties all this together is that the learning is based on your financial life. If you keep going over your budget the content changes to reflect your own personal life.
Our solution helps them NOW to plan and change their future.
6a. Please describe what aspect of financial capability your organization is focused on fostering and how you have measured / plan to measure progress.
We measure progress by looking at both, education and personal finance.
Through their personal financial status, we get an understanding of what users learn and apply. If they read about budgets and finish the course, we evaluate do they now stay on track or do they still keep going over. And if they keep going over then that means they're not done learning so we give new material.
Or after the course they now stay on track with their budget then we know the education has worked so we now provide the next steps to improve their financial life.
We aim for overall financial wellness.
7. Marketplace: Who else is addressing the same problem? How does the proposed project differ from these approaches?
On the personal finance front, we have Mint, You Need A Budget, every dollar and many more but they're still just looking at one side of the coin and believe that when the user comes to their platform they already have some experience in finance. On the other hand, we have financial educators who teach but can be biased or generic.
We believe true financial wellness is achieved when we look at it together and not separately, just like day and night. We aim to provide a holistic, personalized, unbiased, and personalized experience that helps shape their today and tomorrow for generations.
8. Impact: How has your project made a difference so far?
Over the last 10 months, we have conducted over 50 interviews and obtained close to 100 survey responses from our target market. We consistently heard everyone saying I need help with financial literacy, personal finance and that they believe they can do better. Moreover, we have ongoing relationships with community agencies with a member base of atleast 1000 members.
Additionally, individuals have asked us questions at length to understand how we work and what we aim to solve. Advisors, investors, and partners have reached out to us and want us to give them updates as they too believe in the problem and the lack of a viable solution.
So far we have more than 10,000 early sign-ups just organically using our own network, website and SEO technique.
9. Financial Sustainability Plan. Can you tell us about you plan to fund your project and how that plan will be sustainable in the short, medium, and long term?
We plan to fund our project through angel rounds and/or VC investment. IN the short term we plan to raise money to fund our public launch of the app, hire our teach team on a full-time basis and develop B2B partnerships for our premium offering. In the medium term, we plan to launch ur premium offering as a subscription-based feature thus earning a regular income. Additionally, we plan to finalize our B2B partnerships such that we can introduce more features in the latter half. We do plan to raise money for tech improvements and hiring the remaining team on a full-time basis. In the long term, we plan to raise money to help us launch our B2B financial wellness offering that has the highest RoI. Overall the funding will help us scale up.
Most of our strategic planning is done in consultation with the team members, however, the CEO and COO have a final say in this. In addition to this, the CEO manages, marketing, tech, and fundraising. The COO, manages strategic business planning, financial literacy curriculum, external collaborations, grants, competitions, and fundraising. We have a tech team of 5 for backend, front end, app development, 2 for UI/UX, 4 across digital marketing, SEO, and content creation. We also have advisors.
Help Us Support Diversity! Are you a member of an under-served , under-represented, or marginalized group in your country of residence? (yes/no) (this question is optional – if you choose to fill it out, the response will not be shared with your fellow contestants)
If you selected “yes” to any of the categories above, please explain how being a member of this group has impacted you and your work?
As an immigrant myself and with a banking background I know how difficult the financial services and products are in Canada. For the last 6 years, I have used all options available and I still feel wanting for more. By virtue of being a newcomer mentor, I speak to so many immigrants who have come to Canada with a dream of being successfully driven primarily by financial motives. It pains me to see the everyday struggle to understand basic services and the price they pay for not having guidance.
How did you hear about this challenge?